Nasdaq-listed mining company Bit Digital mined more than $10 million worth of Bitcoin in the first half of 2020. The report on this was received by the U.S. Securities and Exchange Commission (SEC).
Bit Digital had previously engaged in P2P lending and car rental in China, but in February 2020 it fully pivoted to mining Bitcoin.
In April, the company acquired its subsidiary XMAX Chain Limited in Hong Kong. In June, the number of operating miners stood at 6,004 units.
As of 30 June 2020, the Bitcoin mining business generated more than $690,000 in revenue.
In the third quarter of 2020 the company deployed a further 16,765 miners in the Chinese provinces of Xinjiang, Inner Mongolia and Sichuan.
On September 1 Bit Digital opened a subsidiary in the United States and began pilot operation of around 100 ASIC miners in Texas.
Currently the aggregate hash rate of Bit Digital’s equipment is rated at 1,250 PH/s. At the time of the report, 22,869 miners generated a total of 949.51 BTC (about $10.08 million).
Cost of production in the first half amounted to $0.66 million, including operating costs and utilities, but excluding depreciation and amortisation of equipment.
Earlier Arcane Research analysts said that China’s dominance in Bitcoin mining has been steadily shrinking as computing power grows in other countries, including the United States and Kazakhstan.
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